Tag Heuer, a Swiss luxury brand owned by LVMH, announced recently that it would accept twelve leading cryptocurrencies and five stablecoins as payment alternatives on its US website. The world-famous timepiece had previously stated that digital currency payments would soon be available on all of its websites.
Tag Heuer’s latest foray into digital currencies was made possible by a partnership with payment service provider BitPay. It allowed customers to pay for luxury items using major digital currencies such as Bitcoin, Ethereum, stable coins, and others.
The new payment method accepts Exodus Wallet, Ledger Wallet, and a variety of other crypto wallets and allows transactions of up to $10,000 with no minimum spending limits.
Frédéric Arnault, CEO of Tag Heuer, stated that the company has been following Bitcoin since its inception. The recent ups and downs in the crypto market have not changed his opinion of digital currencies as a transformational technology. He said that the announcement was only the beginning of the company’s Web3 push:
“We have been following cryptocurrency developments very closely ever since Bitcoin first started trading. As an avant-garde watchmaker with an innovative spirit, we knew Tag Heuer would adopt what promises to be a globally integrated technology in the near future despite the fluctuations— one that will deeply transform our industry and beyond.”
It’s worth mentioning that Tag Heuer’s embrace of cryptocurrencies isn’t surprising, given that Arnault, the son of LVMH chairman Bernard Arnault, is known for his support for NFTs and Web3. In addition, the 27-year-old Tag Heuer CEO owns NFT collections such as Clone X PFP by Rtfkt, created with Takashi Murakami, and Markus Magnusson’s Invisible Friends.
Gucci, the Italian high-end luxury fashion business, revealed earlier this month that it would accept digital currencies in several US stores earlier this month. “A logical evolution for those clients who would prefer to have this option available to them,” the CEO stated of the test program.
Although Tag Heuer does not now accept digital currencies in its physical stores, the business has stated that it may do so in the future, although it is not a priority.
Because of the explosive expansion of NFTs in recent years, well-known luxury companies see entering the market as a vital strategy for their growth. For example, Gucci created a virtual concept store for Gucci-themed NFTs on the Sandbox in February, entitled “Gucci Vault,” It was seen as its first step into the Metaverse.
